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Korea
Sangdong Project

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 Location:
14 km W from Taebaek, Korea

  Project Contacts:
100 King Street West Suite 5700
Toronto
Ontario, Canada
M5X 1C7
Phone  ...  Subscription required
Fax+1-416-628-2516
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Overview

StageConstruction
Mine TypeUnderground
Commodities
  • Tungsten
  • Molybdenum
Mining Method
  • Mechanized inclined panel mining
  • Cut & Fill
  • Paste backfill
Production Start...
Mine Life90 years (as of Jan 1, 2022)
The largest mine outside China at 0.45%Wo3 - 3X average global Tungsten grade.

Sangdong construction completion in 2023, ramp up in 2024, 25% of construction already completed.


Owners

Source: p. 4
CompanyInterestOwnership
Almonty Industries Inc. 100 % Indirect
Ownership Tree
Almonty having a 100% ownership interest in Woulfe. The principal asset of Woulfe is the Sangdong tungsten mine project located in Gangwon Province, Republic of Korea (the “Sangdong Mine”).

Contractors

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Deposit Type

  • Skarn
  • Footwall hosted


Summary:

The Property contains a tungsten skarn deposit; skarns are contact metasomatic deposits, exploited for tungsten, with accessory molybdenum, copper, tin and zinc.

The tungsten mineralisation of the Sangdong deposit is contained in several tabular, beddingconformable skarns in the Myobong Shale; these skarns have been interpreted as comprising carbonate-bearing horizons that were altered and mineralised by fluids ascending from the underlying Sangdong Granite.

From uppermost to lowermost, these horizons are termed the Hangingwall, Main, and Footwall horizons. Calc-silicate layers from 0.50 – 1.0m in thickness have developed on the upper and lower contacts of the Main and Footwall horizons.

The Hangingwall horizon is located near the upper contact of the Myobong shale and varies in thickness from approximately 5.0 to 30.0m because of the irregular boundary of the shale with the overlying Pungchon Limestone. This zone has a strike length of about 600m and a down-dip extent of about 800m. Above the most highly-altered portion of the Main horizon, the Hangingwall horizon is not tabular, but extends steeply and irregularly into the overlying limestone. The Hangingwall horizon contains diopside, garnet, fluorite, zoisite, quartz, hornblende, wollastonite and up to 50% calcite and although there is some zonal variation in mineral assemblages (diopside-, hornblende- and quartzrich zones) the zonation is not as well- developed as in the underlying Main h ........


Mining Methods

  • Mechanized inclined panel mining
  • Cut & Fill
  • Paste backfill


Summary:

Based on the latest understanding of the orebody geometry and mining areas, and evaluation of the resources, including in-situ thickness variations, it was decided to apply two proposed mining methods:

- Mechanized Inclined Panel mining (MIP) – areas where the thickness less than 3 metres.
- Cut-and-Fill (CAF) – for areas where the thickness is greater than 3 metres.

The envisaged MIP method involves drifting on apparent dip, so as not to exceed a gradient of 15%, and so allow trackless equipment. The stope development is planned to be symmetrical, with panels being extended both up and down from access galleries.

This method is very flexible, in allowing working upwards or downwards, and conversion to cut-and-fill.

The sequencing of MIP stoping operations will be:
1. Development of level strike drives, the base transport gallery.
2. Ore Drifts will be developed oblique to strike drive, at a maximum gradient of 15%. These drifts will be 3m x 3m, and will spaced 12m apart, to form one side of each primary panel. These drives will be extended to the next upper or lower level, and so will have a strike length of approximately 175m.
3. The ore drives will be slashed out an additional width of 3m, to leave the primary panels 6m wide. For ore regions less than 3m in thickness, the slash height can be limited down to 1.5 m minimum.
4. When the primary panels are complete, fill barricades will be required at the bas ........


Crushing and Grinding
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Processing

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Summary:

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Projected Production:

CommodityUnitsLOM
WO3 mtu 2,867,168
All production numbers are expressed as WO3 in concentrate.

Operational Metrics:

Metrics
Daily ore mining rate 1,830 t *
Ore tonnes mined, LOM 7,896 kt *
Annual milling capacity 640 kt *
Annual production capacity 5,519 t of wo3 concentrate *
Daily processing capacity 1,920 t *
* According to 2016 study.

Reserves at July 31, 2016:
For Reserves WO3 Cut-offs applied:
0.36% Max Spans <=3m
0.28% Max Spans >3m <=6m
0.23% Max Spans +6m

For Resources cut-off grade is 0.15% WO3.

Reported Reserves and Resources have not changed on May 14, 2021. [2020 AIF, 61-62]

CategoryTonnage CommodityGradeContained Metal
Probable 7,896 kt WO3 0.45 % 3,553,200 mtu
Indicated 8,029 kt WO3 0.51 % 4,094,790 mtu
Indicated 8,029 kt Molybdenum 0.06 %
Inferred 50,686 kt WO3 0.43 % 21,794,980 mtu
Inferred 50,686 kt Molybdenum 0.05 %

Commodity Production Costs:

CommodityUnitsAverage
Cash costs WO3 USD 110 / mtu *†  
Assumed price WO3 USD 370 / mtu *  
* According to 2016 study / presentation.
† Net of By-Product.

Operating Costs:

Units2016
UG mining costs ($/t milled) USD 32.3 *
Processing costs ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2016 study.
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2016 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Pre-Production capital costs $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
UG OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 86
G&A costs $M USD 39
Total OpEx $M USD  ......  Subscription required
Total Taxes $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
Pre-tax NPV @ 5% $M USD  ......  Subscription required
Pre-tax NPV @ 8% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of June 30, 2016:
HME TypeSizeQuantity
ANFO Loader 101 HP ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNamePhoneEmailProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jul 4, 2022
....................... Subscription required ....................... Subscription required Subscription required Jul 4, 2022
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Subscription required Jul 4, 2022
Subscription required - Subscription is required.

Staff:

EmployeesTotal WorkforceYear
Subscription required 2020
Subscription required 2019
Subscription required 2018

Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2022
Corporate Presentation 2022
Corporate Presentation 2022
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2019
................................... Subscription required 2019
................................... Subscription required 2019
Annual Information Form 2018
Corporate Presentation 2018
Management Discussion & Analysis 2018
Feasibility Study Report 2016
Technical Report 2016
Subscription required - Subscription is required.

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